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Fort Lauderdale Special Needs Trusts Lawyer

Surfside Supplemental Needs Trusts Attorney

Attorneys for Supplemental Needs Trusts in Pompano Beach and Broward County

Special needs trusts (sometimes called supplemental needs trusts) serve far more varied purposes than simply providing for the needs of a person who has special needs. In fact, the majority of people special needs trusts are created to benefit are already having many of their basic needs met by public benefits. The purpose of a special needs trust is quite often to preserve a disabled or elderly person's access to public benefits like Medicaid or Social Security while simultaneously protecting a separate, private fund. Contrary to popular belief, you can even create a special needs trust for yourself or your child as a part of Medicaid or incapacity planning.

Whether you are seeking to protect a loved one with disabilities or your future self, a special needs trust could become an invaluable part of your comprehensive estate plan. The Law Office of Miller & Miller, P.A. can help you assess your personal financial and family situation to determine if a special needs trust may be right for you. Our attorneys understand the legal complexities associated with this type of trust and are skilled at customizing supplemental needs trusts that serve your individual goals.

Oakland Park Lawyers for Preserving Public Benefits With Special Needs Trusts

The problem with using other types of trusts or accounts to benefit an elderly or disabled adult is that doing so could destroy the person's eligibility for public benefits like Medicaid, food and housing assistance, or Social Security funds. Being gifted a large sum of money in an estate or receiving a large lawsuit settlement often defeats the need-based eligibility requirements to receive these types of assistance. What can happen is that the gift or settlement funds temporarily replace benefits rather than supplementing them, as was likely the donor's intention.

To illustrate the problem special needs trusts can solve, assume that Ann, a disabled adult, has received $100,000 from her mother's estate. Because Ann now has $100,000, she does not qualify for any assistance and must use her inheritance to meet her basic needs. Within a year or two, Ann has spent the entire sum and must return to relying on public benefits. Ann is in no better a position than she would have been in without the gift. However, if Ann's mother uses a special needs trust, Ann can keep getting public benefits, which will be supplemented rather than replaced by trust funds.

At the Law Office of Miller & Miller, P.A., we are committed to helping you ensure that any assets awarded or gifted to your disabled or elderly loved one are actually used to benefit that individual rather than simply replacing public benefits. We understand that you want your loved one to enjoy more than the basics afforded by assistance programs, and we will help you meet that goal.

Self-Settled Special Needs Trusts

Although it may seem counterintuitive, Florida law also permits residents to create supplemental needs trusts for themselves. Many adults anticipate that they will one day be incapacitated or reliant on Medicaid and similar programs. It is entirely possible to enjoy the benefits of a special needs trusts created out of your own assets and for your own benefit when that day comes. There are special requirements and technicalities when creating a self-settled trust of this type, such as the requirement of a Medicaid payback clause, but our firm can help you navigate the legal technicalities. The Law Office of Miller & Miller, P.A. will help you preserve your assets for your own future benefit with a special needs trust.

Contact a Fort Lauderdale Lawyer for Special Needs Trusts

To learn more about supplemental needs trusts or other ways of preserving your assets and protecting your beneficiaries, contact us online or by calling 954-981-9301. The Law Office of Miller & Miller, P.A. serves clients in the Fort Lauderdale area and throughout South Florida. We offer free initial consultations.

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